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OPEC+ Adds 188,000 bpd, Keeps 2 million bpd Cuts Through 2026

8/3/2026

Summary

OPEC+ Boosts Output

The increase follows the 1.65 million-bpd voluntary cuts announced in April 2023, with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreeing to raise output by 188,000 bpd in September 2026.
Saudi Arabia and Russia will add 62,000 bpd, Iraq 26,000 bpd, Kuwait 16,000 bpd, Kazakhstan 10,000 bpd, Algeria 6,000 bpd and Oman 5,000 bpd.
The group pledged to compensate for excess production since January 2024 and set the OPEC+ meeting for September 6, 2026.

Summary

Analysts Forecast Prices

Analysts say the September oil-price increase will have little market effect because the Strait of Hormuz remains constrained.
OPEC+ is keeping roughly 2 million barrels per day of 2022 production cuts in place through the end of 2026.
Analysts outline three price scenarios: peace could push crude under $98 a barrel, ongoing conflict would keep prices near $83-$98, and full escalation could cut 20 % of global crude and LNG, sparking spikes.

History

Historical Context

The 1973 Arab oil embargo, launched by OAPEC in October 1973 after the Yom Kippur War, drove world crude from $3 to about $12 per barrel—a 300% jump—and showed OPEC’s power to steer markets. Founded in 1960, OPEC has since used calibrated production cuts and raises, a pattern echoed in today’s OPEC+ output adjustments.

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OPEC+ Boosts Output

The increase follows the 1.65 million-bpd voluntary cuts announced in April 2023, with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreeing to raise output by 188,000 bpd in September 2026.
Saudi Arabia and Russia will add 62,000 bpd, Iraq 26,000 bpd, Kuwait 16,000 bpd, Kazakhstan 10,000 bpd, Algeria 6,000 bpd and Oman 5,000 bpd.
The group pledged to compensate for excess production since January 2024 and set the OPEC+ meeting for September 6, 2026.

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